Financial Advice: Important CRA Deadline Dates in 2024
Important CRA deadlines for both personal and small business
Personal
January 1st, 2024
TFSA Contribution Limit Increase - $7,000
$7,000 increase to your cumulative total minus previous contributions, which starts when an individual turns 18
FHSA Contribution Limit Increase
$8,000 increase to your cumulative total minus any previous contributions, which is dependent on when you started your FHSA
February 29th, 2024
2023 RRSP Contribution Deadline
This is the last day for RRSP Contributions that can be used against your 2023 income.
April 30th, 2024
Personal Income Tax Owed Deadline
This is the deadline if you owe income tax for 2023. It would be best to complete your tax return for 2023 by this date to know whether you owe or are in a refund position. Penalties can be high for owed amounts.
Quarterly Income Tax Installments
March 15th, 2024
June 15th, 2024
September 15th, 2024
December 15th, 2024
*This would be if you believe you will owe more than $3,000 in income tax throughout 2024. This would be above what you are currently paying through your work or is being deducted from a pension or RRSP/RRIF.
Small Business
June 17th, 2024
Small Business Tax Filing Deadline
This is the deadline if you owe income tax for 2023. It would be best to complete your tax return for 2023 by this date to know whether you owe or are in a refund position. Penalties can be high for owed amounts.
Quarterly GST/HST Dates
January 31st
April 30th
July 31st
October 31st
*This is for business-earning revenue and will have to pay the GST/HST on that revenue for 2024.
Sincerely,
Justin, Konrad, and Merriel
More articles and information are available at www.knowprotectgrow.com
Content Sources: Bloomberg, Trading Economics, Yahoo Finance, BCA Research
Disclaimer: This newsletter is solely the work of Konrad Kopacz and Justin Lim for the private information of their clients. Although the author is a registered Investment Advisor with Echelon Wealth Partners Inc. (“Echelon”) this is not an official publication of Echelon, and the author is not an Echelon research analyst. The views (including any recommendations) expressed in this newsletter are those of the author alone, and they have not been approved by, and are not necessarily those of, Echelon.
Echelon Wealth Partners Inc. is a member of the Investment Industry Regulatory Organization of Canada and the Canadian Investor Protection Fund.
Forward-looking statements are based on current expectations, estimates, forecasts and projections based on beliefs and assumptions made by the author. These statements involve risks and uncertainties and are not guarantees of future performance or results and no assurance can be given that these estimates and expectations will prove to have been correct, and actual outcomes and results may differ materially from what is expressed, implied or projected in such forward-looking statements.
The opinions expressed in this report are the opinions of the author and readers should not assume they reflect the opinions or recommendations of Echelon Wealth Partners Inc. or its affiliates. Assumptions, opinions, and estimates constitute the author’s judgment as of the date of this material and are subject to change without notice. We do not warrant the completeness or accuracy of this material, and it should not be relied upon as such. Before acting on any recommendation, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. Past performance is not indicative of future results.
These estimates and expectations will prove to have been correct, and actual outcomes and results may differ materially from what is expressed, implied or projected in such forward-looking statements.